If I open roth ira will I get 2016 tax savings

[teamrobin]

is Trad IRA better ?

[MaryK1 · Accepted solution]

You will not get any tax savings if you contribute to a ROTH IRA this year-you get the tax savings when you take distributions after you retire.  If you are able to contribute to a traditional IRA, you will get a income deduction in 2016 which may reduce your taxable income

[jerry2000]

ROTH IRA contributions are not deductible and provide no current tax savings. Only deductible contributions to a Traditional IRA provide any current tax benefit.

[dmertz]

A Roth IRA contribution might qualify you for a Retirement Savings Contributions Credit:

https://www.irs.gov/publications/p590a/ch03.html